Grocery Outlet (NASDAQ:GO) Stock Price Up 4.6% – Time to Buy?

Shares of Grocery Outlet Holding Corp. (NASDAQ:GO) shot up 4.6% during mid-day trading on Wednesday . The company traded as high as $12.64 and last traded at $12.77. 163,141 shares were traded during trading, a decline of 92% from the average session volume of 2,044,771 shares. The stock had previously closed at $12.21.

Wall Street Analyst Weigh In

GO has been the subject of a number of recent analyst reports. The Goldman Sachs Group cut their price objective on Grocery Outlet from $14.00 to $11.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Telsey Advisory Group cut their price target on shares of Grocery Outlet from $18.00 to $16.00 and set a “market perform” rating on the stock in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft downgraded shares of Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 price target for the company. in a research note on Wednesday, February 26th. Wells Fargo & Company dropped their price objective on Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Finally, Morgan Stanley decreased their target price on Grocery Outlet from $13.00 to $10.00 and set an “underperform” rating for the company in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $15.25.

Grocery Outlet Price Performance

The company has a market cap of $1.24 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 9.08 and a beta of 0.36. The firm has a 50 day simple moving average of $14.73 and a 200-day simple moving average of $16.31. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34.

Insider Buying and Selling

In related news, CFO Christopher M. Miller purchased 10,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were acquired at an average price of $11.68 per share, for a total transaction of $116,800.00. Following the purchase, the chief financial officer now owns 10,000 shares of the company’s stock, valued at $116,800. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Lindsay E. Gray sold 2,741 shares of Grocery Outlet stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $11.34, for a total transaction of $31,082.94. Following the sale, the senior vice president now owns 41,448 shares of the company’s stock, valued at $470,020.32. The trade was a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders bought 200,000 shares of company stock worth $2,435,050 and sold 17,756 shares worth $216,892. 4.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Grocery Outlet

Several hedge funds have recently made changes to their positions in the company. Decker Retirement Planning Inc. acquired a new position in shares of Grocery Outlet in the fourth quarter valued at about $31,000. Aster Capital Management DIFC Ltd purchased a new stake in Grocery Outlet in the fourth quarter valued at approximately $41,000. Quadrant Capital Group LLC increased its holdings in Grocery Outlet by 276.3% in the 4th quarter. Quadrant Capital Group LLC now owns 2,773 shares of the company’s stock worth $43,000 after buying an additional 2,036 shares during the period. KBC Group NV raised its position in Grocery Outlet by 62.7% during the 4th quarter. KBC Group NV now owns 4,506 shares of the company’s stock worth $70,000 after buying an additional 1,736 shares during the last quarter. Finally, True Wealth Design LLC acquired a new stake in Grocery Outlet during the 3rd quarter valued at approximately $75,000. 99.87% of the stock is owned by institutional investors and hedge funds.

About Grocery Outlet

Grocery Outlet Holding Corp. operates as a retailer of consumables and fresh products sold through independently operated stores in the United States. Its stores offer products in various categories, such as dairy and deli, produce, floral, fresh meat, seafood products, grocery, general merchandise, health and beauty care, frozen food, beer and wine, and ethnic products.